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docs/trading/buy

How Buys Work

A NAKA buy is a single transaction that sends ETH to the router and receives newly-minted NAKA in return. There is no order book and no liquidity pool to provide depth. Pricing is determined entirely by the bonding curve.

What Happens On-Chain

  1. Wallet signs a buyNaka(minTokensOut) call on the router with msg.value = ethIn.
  2. Router forwards the call to the hook, which reads its current totalMintedFair state.
  3. Hook computes total tokens to mint by integrating the curve from totalMintedFair to totalMintedFair + ethIn.
  4. 30 bps of those tokens are minted to 0xdEaD (permanent burn).
  5. The remaining 99.70% are minted to the buyer's wallet.
  6. The hook updates totalMintedFair += ethIn and the reserve actualEthBalance += ethIn.
  7. Buy(user, ethIn, tokensOut, tokensLocked) event is emitted.

If any step fails. Most commonly because the slippage check (minTokensOut) is not met or the per-buy cap is exceeded. The entire transaction reverts and no state changes.

Slippage

The frontend at naka.exchange hardcodes 2% slippage tolerance: minTokensOut = quotedTokensOut · 9800/10000. This protects against:

  • Same-block ordering: another buy lands ahead of yours, moves the curve, and your buy ends up with marginally fewer tokens than quoted.
  • MEV sandwiches: a searcher front-runs your buy, pushes the curve up, lets you execute, then sells. 2% caps how much of your value can be extracted this way.

There is no UI knob to widen slippage. If you need a different tolerance, call the router contract directly with your own minTokensOut.

Limits

  • Per-transaction maximum: 5 ETH (MAX_BUY_WEI). Larger orders must be split.
  • Per-transaction minimum: 1 gwei (MIN_TX_AMOUNT). Below this the curve math underflows.
  • Curve cap: once totalMintedFair crosses 99% of K, the self-deprecation flag flips and all future buys revert.

Price Impact

Because the curve is exponential, the quote you see for a given ETH amount tells you exactly what tokens you'll receive in an empty block. For larger orders or contested blocks, the realized price is slightly worse. That's what slippage protects against.

The frontend's swap form shows live price impact alongside the quote: green for <0.5%, neutral for <2%, amber for <5%, red beyond.

Receiving Tokens

Tokens land in the buyer's wallet within the same transaction. There is no claim period, no vesting, no time-lock. NAKA is freely transferable from block one.